Where to Apply
To help expand PPP access to very small businesses that benefit from the recent rule changes, Mountain BizWorks is currently only accepting new PPP applications from sole proprietors, independent contractors, and self-employed individuals based in Western North Carolina (those that file IRS Form 1040 Schedule C). If you file a Schedule C, you may continue to apply via Mountain BizWorks using the appropriate link below. If you have already applied with us, thank you and we will be processing your request as quickly as possible. Contact us with any questions.
Aren’t a Schedule C filer and still need to apply? Here are a couple partner lenders that may be able to assist you (note: to avoid processing delays, please only apply with a single institution).
Apply via Community Reinvestment Fund, a national CDFI and frequent Mountain BizWorks collaborator:
Apply via Community Reinvestment Fund (CRF)
Apply via First Horizon Bank, a locally-focused bank serving Western North Carolina (requires having or opening a checking deposit):
Apply via First Horizon Bank
A list of other PPP lenders is available on the SBA PPP site.
What are PPP Loans?
The SBA’s Paycheck Protection Program (PPP) loans are to provide short-term cash flow to help small businesses cover payroll and other essential operating costs. PPP loans may be eligible for forgiveness if the funds are used for payroll and other costs as directed by the SBA.
The new round of PPP includes funding for qualifying businesses which have not previously received any PPP funds, and also includes a second round of additional PPP funding for businesses that received PPP funds in 2020.
Are businesses that didn’t get PPP the first time eligible to apply?
Businesses with fewer than 500 full- or part-time employees that did not receive a PPP loan in 2020 are eligible to apply for a PPP loan.
Can businesses that received PPP in 2020 apply for more PPP?
Any business which received a PPP loan in 2020 received what the SBA is calling a ‘First Draw PPP Loan’ and is not eligible to receive another First Draw PPP Loan, but may be eligible for a ‘Second Draw PPP Loan’.
Second Draw PPP Loans are intended for borrowers that previously received a PPP loan and have used or will use the full amount of the initial PPP loan for authorized purposes. In general, the legislation made the eligibility requirements for Second Draw PPP Loans narrower than the eligibility requirements for First Draw PPP Loans. A borrower is eligible for a Second Draw PPP Loan only if it has 300 or fewer employees and experienced a revenue reduction in 2020 relative to 2019. Like the first round of PPP funding, Second Draw PPP loans may be eligible for forgiveness if the funds are used for payroll and other costs as directed by the SBA.
How does PPP loan forgiveness work?
If you are an existing Mountain BizWorks PPP client, please contact us for instructions on how to submit your forgiveness application.
PPP Loans may qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60 percent of the proceeds are spent on payroll costs
A PPP borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. You can apply for forgiveness any time up to the maturity date of the loan. If you do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and you will begin making payments on your PPP loan.
Loan-Sizing Worksheets for PPP First Draws
Get more information
Visit SBA’s Paycheck Protection Program website for full program details.
Other Federal, state, and locally based financial resources may be more appropriate or may complement the resources available through this program. For more information on other financial resources, visit our COVID-19 Rapid Recovery Financing Options page.
If you need additional assistance, please visit our COVID-19 Funding Help Center.